Analyst Mark Brown of Seaport Global Securities downgraded Transocean LTD (NYSE:RIG) from Neutral to Sell and maintained a price target of $10, marking a decrease of 18% from current levels. Transocean’s stock price has increased by over 30% since late May. Brown believes this increase has led to Transocean becoming overvalued and is still concerned about the minimal changes in “the protracted oversupply of rigs in offshore markets.” The analyst also notes that Transocean with have a higher annual cash expense this year, which should impact their earnings.

According to TipRanks, Brown has a success rate of 41% with an average loss of 13.8% per recommendation.